A prenuptial agreement can protect your assets in a divorce in Tulsa County. A well-drafted and enforceable prenuptial agreement lets you and your spouse outline how you will divide assets in the event of a divorce, ensuring that you safeguard your property and financial interests according to your wishes.
How a Prenuptial Agreement Protects Your Assets
A prenuptial agreement can help safeguard several types of assets. Some of the steps you can take to protect them include:
Classification of Property: A prenuptial agreement can clearly define what constitutes separate property (assets owned before the marriage) and marital property (assets acquired during the marriage). This distinction protects your premarital assets from division in a divorce. Including a detailed list of your separate property within the agreement avoids disputes over which assets you owned before the marriage.
Asset Division: You can set custom terms for how assets will be divided upon divorce. This can include specific instructions for the distribution of property, such as real estate, investments, and personal belongings. If you own a business, a prenuptial agreement can ensure that your business interests remain protected and are not subject to division.
Debt Allocation: The agreement can specify which debts are considered separate and which are marital, outlining responsibility for debt repayment. This can protect you from being held liable for your spouse’s debts incurred before or during the marriage.
Spousal Support (Alimony): You can include provisions regarding spousal support, either limiting or waiving alimony payments. This can help protect your financial interests by setting clear terms for support obligations.
Estate Planning: A prenuptial agreement can address issues related to inheritance and ensure that your assets are distributed according to your wishes upon death, rather than being influenced by divorce proceedings.
By working with a family lawyer, you’ll be able to make sure you complete the agreement in a way that fulfills both of your wishes.
Ensuring the Enforceability of a Prenuptial Agreement
To ensure that your prenuptial agreement is enforceable in Oklahoma, it must meet specific legal requirements. Here are the essential elements:
Voluntary Agreement: Both parties must enter into the agreement voluntarily and without coercion or duress. Evidence of pressure or force can invalidate the agreement.
Full Disclosure: Both parties must fully disclose their financial situation, including assets, liabilities, income, and expenses. This is a number one factor to making the agreement enforceable or not. Its easy for a court to say its invalid if one of the parties doesn’t have a full disclosure. The courts might say cant agree to give something up if because of a lack of disclosure the other person didn’t know what they were giving up. We always recommend another attorney goes over and explains the agreement to the other party to the agreement.
Fair and Reasonable Terms: The terms of the agreement must be fair and reasonable at the time of execution. If the court deems the agreement unconscionable or grossly unfair, they may refuse to enforce it.
Written and Signed Document: The agreement must be in writing. Oral agreements are not enforceable. Both parties must sign the agreement. While notarization is not mandatory, it can provide additional verification of authenticity.
Independent Legal Representation: While not required, it is advisable for both parties to have independent legal representation. This helps ensure that each party fully understands the terms and implications of the agreement and can enhance its enforceability.
Compliance with State Laws: Ensure the agreement complies with Oklahoma laws governing prenuptial agreements, including the Oklahoma Uniform Premarital Agreement Act.
Timing: Both parties should sign the agreement well in advance of the wedding date. Parties can challenge last-minute agreements on the grounds of duress or inadequate consideration.
If you don’t correctly fulfill all of these steps, you risk either party challenging the validity of the agreement.
Tulsa County Family Lawyers
A prenuptial agreement can effectively protect your assets in the event of a divorce in Oklahoma. By defining separate and marital property, setting terms for asset division and debt allocation, as well as including provisions for spousal support and estate planning, you can safeguard your financial interests. To ensure the agreement is enforceable, it must be voluntary, include full financial disclosure, have fair and reasonable terms, be in writing and signed by both parties, and comply with state laws.
Our team here at Tulsa County Lawyers Group will guide you through the process of creating your prenuptial agreement. If you need help, contact us today by calling (918) 379-4864 or reach us online for a consultation.
